Mr. Simon Benstead reports

LAKE VICTORIA GOLD FORMALIZES TANZANIAN-LED EPCM TEAM, ADVANCING THE FULLY PERMITTED IMWELO GOLD PROJECT TOWARD CONSTRUCTION

Lake Victoria Gold Ltd.'s wholly owned Tanzanian subsidiary, Tembo Gold (T) Ltd. (TGTL), holder of mining licence ML 538/2015 over the fully permitted Imwelo gold project in northwestern Tanzania, has formalized the appointment of City Engineering Company Ltd. (CECL) as primary engineering, procurement and construction management (EPCM) contractor, in association with Sutton Consulting International Ltd. as international technical-support partner.

The appointment received approval from the mining commission on June 29, 2026, and is structured in accordance with Tanzania's Mining (Local Content) Regulations, 2018. The approved EPCM structure consolidates engineering and development workstreams already underway at Imwelo under a single Tanzanian-led project delivery framework.

The appointment represents an important execution milestone for Lake Victoria Gold as it advances Imwelo through final engineering, procurement planning and construction preparation.

Key highlights:

• Tanzanian mining commission approval received for the EPCM structure in accordance with the country's Mining (Local Content) Regulations, 2018, and its subsequent amendments;
• CECL appointed as primary EPCM contractor and commercial lead, providing Tanzanian project leadership, local engineering capability and in-country construction-management support;
• Sutton appointed as international technical-support partner, providing specialist engineering review, African mine-development experience and technical support to the EPCM mandate;
• Integrated EPCM mandate established to co-ordinate final detailed engineering, procurement planning, infrastructure design, mine-planning support, construction preparation and project management;
• Key development workstreams advancing, including tailings and water infrastructure design, geotechnical and hydrogeological studies, process plant optimization, procurement support and construction quality assurance;
• Project advancement continues alongside financing activities, including the previously announced gold loan facility term sheet of up to approximately $25-million (U.S.) with Monetary Metals & Co., which remains subject to the satisfaction of conditions and receipt of required regulatory approvals.

Management commentary

Marc Cernovitch, president and chief executive officer of Lake Victoria Gold, commented: "This is a key milestone in preparing Imwelo for construction. With mining commission approval received and our EPCM structure now formalized, we have moved another important step closer to building one of Tanzania's next new gold mines. Equally important, we are advancing Imwelo the right way. Tanzania has a clear regulatory framework for local content and mining project development, and we believe long-term success in the country requires working constructively with the mining commission, respecting that framework, and ensuring Tanzanian companies and professionals play a meaningful role in project execution. CECL and Sutton give us the right platform to do that. CECL brings Tanzanian leadership, local engineering capability and in-country execution capacity, while Sutton adds specialist international technical support and African mine-development experience. Together, they provide the structure we need to move final engineering, procurement planning and construction preparation forward in a disciplined and compliant manner."

Tanzanian-led EPCM delivery model

The EPCM structure combines established Tanzanian engineering and environmental capability with international technical review and project-delivery experience.

CECL is a 100-per-cent-Tanzanian-owned engineering and environmental services company registered with Tanzania's National Environment Management Council (NEMC), Engineers Registration Board (ERB) and the Department of Water Resources. CECL's capabilities include geotechnical investigation, TSF (tailings storage facility) and dam design, hydrology and hydrogeology modelling, environmental impact assessment support, water treatment design, and independent project management.

Sutton is a multidisciplinary mining and engineering consultancy and member of the Sutton Global Group, with representative offices across Africa and internationally. Sutton brings experience in the development and operation of gold and multicommodity projects across Africa, including process plant design and fabrication, tailings storage facility and dam engineering, geotechnical and environmental services, mine planning, and EPCM project management.

Under the EPCM structure, CECL leads project delivery and holds the primary contractual relationship as a qualifying indigenous Tanzanian company (ITC), providing the majority of project management, procurement and construction-supervision support through Tanzanian nationals. Sutton provides specialist international engineering and technical review as subconsultant, supported by an embedded knowledge-transfer program consistent with Regulation 26 of the Mining (Local Content) Regulations, 2018.

The EPCM structure has been designed to deliver more than engineering services alone. By combining Tanzanian project leadership with international technical expertise, the company aims to strengthen local engineering capability, expand opportunities for Tanzanian professionals and suppliers, and facilitate meaningful knowledge transfer that will continue to benefit Tanzania's mining sector beyond the development of the Imwelo project.

Local content and the growth of Tanzania's mining sector

Tanzania's Mining (Local Content) Regulations are designed to ensure that the country's mineral resources support broad-based national development by prioritizing Tanzanian ownership, employment and procurement and the transfer of skills and technology to local firms and professionals.

Lake Victoria Gold views local content not only as a regulatory requirement, but as an important part of responsible mine development in Tanzania. The Imwelo EPCM structure is intended to support Tanzanian participation in project delivery while maintaining international technical standards through Sutton's specialist support.

The company believes that project-delivery models combining local leadership with international technical capability are important to the continued growth of Tanzania's mining-services sector and the successful development of new mines in the country.

Cautionary note on production decision

Although Imwelo has been the subject of JORC-compliant (Joint Ore Reserves Committee) PEA (preliminary economic assessment), PFS (prefeasibility study) and updated PFS work, these foreign-code studies are not current under National Instrument 43-101. The company has not completed a feasibility study on Imwelo that establishes mineral reserves demonstrating economic and technical viability and is not treating the JORC-based estimates or analyses as current under CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards. Any decision to commence production would not be based on a feasibility study of mineral reserves and would therefore involve increased uncertainty and a higher risk of economic and technical failure. There is no certainty that the planned low-capex open-pit operation will be economically viable or that production will occur as anticipated. Risks include, without limitation, variations in grade and recovery, unexpected geotechnical or metallurgical challenges, cost overruns, financing availability, operational risks, regulatory risks, and permitting risks.

Debentures

Lake Victoria Gold has closed the third and final tranche of its non-brokered private placement of unsecured convertible debentures, raising gross proceeds of $331,000 and bringing total aggregate proceeds across all three tranches to $4,165,200. The debentures bear interest at 5 per cent per annum, mature 36 months from issuance and are convertible into common shares at 30 cents per share. Investors in the third tranche also received warrants to purchase 551,666 common shares at 40 cents per share for 36 months, bringing total warrants issued across the private placement to 6,941,990. For more information regarding the terms of the debentures, please see the company's press release dated May 20, 2026.

Proceeds are being directed toward continuing development activities at the company's fully permitted Imwelo gold project in Tanzania, including engineering, mine planning, infrastructure preparation and active field programs. No finders' fees were paid in connection with the final tranche of the private placement. All securities issued are subject to a four-month-and-one-day statutory hold period under applicable Canadian securities laws, and the private placement remains subject to final approval of the TSX Venture Exchange.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by David Scott, PrSciNat, who is a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects. Mr. Scott is a director and officer of the company.

About Lake Victoria Gold Ltd.

Lake Victoria Gold is a rapidly growing gold exploration and development company listed on the TSX Venture Exchange under the symbol LVG. Leveraging its unique position and experience, the company is principally focused on growth and consolidation in the highly prolific and prospective Lake Victoria goldfield in Tanzania.

The company has a 100-per-cent interest in the Tembo project, which has over 50,000 metres of drilling and is located adjacent to Barrick's Bulyanhulu mine. The company also holds a 100-per-cent interest in the Imwelo project, which is a fully permitted gold project west of AngloGold Ashanti's Geita gold mine. With historical resource estimates and a JORC-compliant 2021 prefeasibility study, the project is fully permitted for mine construction and production, positioning it as a near-term development opportunity.

Lake Victoria Gold has assembled a highly experienced team with a record of developing, financing and operating mining projects in Africa with management, directors and partners owning more than 60 per cent of the shares. Notably, the company is grateful for the validation that comes with the support and equity investment from Barrick and recent strategic partnership with Taifa Group.

Taifa Group (a diverse group of companies with interests in, amongst others, mining, telecoms, oil and gas, agribusiness, pharmaceuticals, and leather) has entered into an agreement with the company to obtain an equity stake in the company and through its wholly owned subsidiary, Taifa Mining (a wholly Tanzanian-owned company) or other nominees. Taifa Mining will also conduct all the contract mining and civil works for the Imwelo project. Taifa Mining is Tanzania's largest mining contractor with over 30 years of mining-related experience. Taifa has been the contractor of choice to most mines in Tanzania and has maintained long and successful relationships with companies such as Petra, De Beers, Barrick and AngloGold Ashanti. In addition, Taifa also owns the largest fleet of mining equipment in Tanzania. As a company, Taifa is committed to adopting and adhering to the latest internationally recognized standards throughout all aspects of its business.

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